Putin wary of cryptos as Russian farmers use their own to avoid banks

Putin has discussed cryptocurrencies a number of times, with the most recent coming this past week. Here, he discussed the difficulty of integrating them into state policy and financial planning as they are “inherently…beyond national borders.” Hundreds of farmers in Russia, however, have transitioned to a coin known as Kolion that was originally a paper currency until it was banned by Russian courts in 2015. Now, increasing numbers are using the Kolion for trade and agricultural loans. Instead of “mining” the currency in a typical crypto fashion, the Kolion is “ploughed” by supporting agricultural or construction work in villages.

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